Individuals use a Registered Retirement Income Fund (RRIF) to generate income from the savings accumulated under their RRSP. As with the RRSP, an RRIF account is registered with the Canada Revenue Agency. An RRSP is required to be converted to a retirement income option such as a RRIF by December 31 of the year in which you turn 71. However, you do have the option to convert your RRSP to a RRIF at anytime before then.
Tax–sheltered growth: Your investments will continue to grow tax–sheltered, so it keeps working for you
Control your income: You can manage the amount and the frequency of your withdrawals, subject to the legislated minimum annual payment
Non-redeemable | |
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Duration | Rate |
12 Months | 2.00% |
24 Months | 2.20% |
36 Months | 2.35% |
48 Months | 2.45% |
60 Months | 2.60% |
Special Rates | |
20 Month | 2.50% |
53 Months | 3.10% |
Registered Savings | |
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RRSP/RRIF Variable | 0.750% |
TFSA Variable | 1.500% |
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